Uganda’s National Social Security Fund (NSSF) is not only the largest pensions Fund in East Africa, but it is also one of the best-run government parastatals in Uganda and probably one of the best-run companies in the region too! Barring any occurrences beyond control, if NSSF sustains its current compounded annual growth rate (CAGR), the Fund is expected to hit its UGX20 trillion target by 2023/24, at least a year ahead of the targeted 2024/25! The numbers do not lie. NSSF assets over the last twelve years, eleven of which have been under Richard Byarugaba, grew 9 times (814%)at…
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The Court of Appeal has quashed an order of the High Court directing the National Social Security Fund (NSSF) to refund UGX 14billion, being the 10% employer contribution for over 900 employees of Uganda Telecom Limited (UTL). NSSF had appealed against the decision of the High Court. Uganda Telecom had filed a case against the MD NSSF and the Fund challenging certain actions by which NSSF collected monies as statutory contributions for UTL. UTL was incorporated with Uganda Posts and Telecommunications Corporation (UPTC), a statutory corporation which offered similar services. They claim that upon incorporation, the employees of UPTC by…
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Many of them failed to complete their terms, largely to poor management and subsequently poor performance. Others are serving prison terms due to integrity issues. It was not until 2010, and the appointment of banker, Richard Byarugaba that the elusive security in social security returned to the Fund as these infographics show. MEMBER CONTRIBUTIONS: With an economy reeling from the effects of 2 Covid-19 related lockdowns and depressed economic growth, NSSF still registered an 8% growth in member contributions, from UGX1.27 trillion to UGX1.37 trillion, 3 percentage points better than the 5% growth rate in 2019/20. In the 12 years,…
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President Yoweri Kaguta Museveni has today signed into law the National Social Security Fund – NSSF (Amendment) Bill, 2021. This was revealed by Senior Press Secretary Lindah Nabusayi in a statement. In May last year, Members of Parliament agreed to a revision in the current NSSF Amendment Bill that allows qualifying NSSF Members to access up to 20% of their savings. To qualify, for midterm access, a member will need to have saved for more than 15 years and be below 45 years of Age or between 45 and 55 years, but has saved for more than 10 years. At…
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National Social Security Fund (NSSF) has won the Startup Champion award in the Public Sector for their Hi-Innovator program, an innovations initiative, at the Startup Uganda 2021 awards held on 26 November 2021. This is in recognition of the Fund’s efforts in supporting startups and entrepreneurs in Uganda, beating off competition that included various government ministries and agencies. Hi-innovator is an Innovation initiative by the Fund in partnership with Mastercard Foundation’s Young Africa Works program, aimed at creating an ecosystem where the innovation of Small and Growing Businesses in Uganda can be harnessed and supported to mature into viable businesses….
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The National Social Security Fund (NSSF) comprehensive income for the 2020/21 Financial Year increased by 25% from UGX 1.472 Trillion to UGX 1.84 Trillion, despite the effects of the COVID-19 pandemic, Managing Director Richard Byarugaba has announced . Addressing the media at the release of the Fund’s financial performance today, Byarugaba attributed the increase to growth in interest income largely attributed to the increased return on Treasury Bonds in the Fixed Income portfolio, dividend income, and property sales. He said the performance demonstrates the Fund’s ability to withstand shocks occasioned by a stressed economy and an uncertain business environment in the era of COVID-19 pandemic. “The socio-economic effects of the COVID-19 pandemic are still wreaking havoc on economies across the…
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Dr Peter Kimbowa (PK) has been appointed the new Board Chairman of the National Social Security Fund (NSSF) effective September 1, 2021. But who is he? Dr Peter Kimbowa, popularly referred to as PK, is a Global Leadership Catalyst, Coach, Author, Speaker and International Award-Winning Futurist. He is a Co-founder of the CEO Summit Uganda, the CEO Apprenticeship Programme (CAP), League of East African Directors (LEAD) and IFE Consultants Limited. PK is the Board Chairman of Tondeka Metro Company and a Board Member of ESKOM, Baylor College of Medicine and Kampala Archdiocese Land Board. He is a Governance Advisor to…
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Makerere University has been taken to court for alleged breach of trust deed in regard to remitting employees’ monthly contributions to the National Social Security Fund (NSSF) instead of sending it to the staff retirement scheme. In September 2009, Makerere University and the Registered Trustees of Makerere University Retirement Benefits Scheme signed a trust deed requiring the former to remit 10 percent of the employers’ contribution to the scheme. In the case filed before the High Court, the Registered Trustees of Makerere University Retirement Benefits Scheme allege that the university administration only remitted 5 percent for the months of March,…
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Preliminary reports from Parliament, indicate that MPs on the Gender, Labour and Social Development and the Finance, Planning and Economic Development committees have agreed to a revision in the current NSSF Amendment Bill that allows qualifying NSSF Members to access up to 20% of their savings. To qualify, for midterm access, a member will need to have saved for more than 15 years and be below 45 years of Age or between 45 and 55 years, but has saved for more than 10 years. “It is a proposal we have built consensus on,” Hon Musaasizi Henry, the Chairman of the…
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Dear Esteemed Member, The global outbreak of COVID-19 has disrupted all economies around the world. The rapid spread of the virus has posed massive health, economic and social challenges to everyone. In order to limit the transmission of the disease, our leaders implemented measures including the complete lock down of certain parts of the economy. These measures have helped Uganda to avoid the deadly human toll seen in other countries. However, the unavoidable disruption to economic activities has raised unemployment levels in recent months. Consequently, we have witnessed a heightened level of stress among our members that have lost means…
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